Investment advisers would need your written OK to consider non-money factors for your investments.
This bill would change rules for investment advisers. They would have to focus on money-making factors unless you specifically give written consent to consider other things, like environmental goals. If you do, they would have to show you the expected and actual money impact. The bill also requires the government to study how cities disclose climate risks in their bonds. It also requires a study on how rules prevent 'pay-to-play' in city bond deals.
Today, investment advisers do not have a specific legal requirement to prioritize money-making factors in their "best interest" advice. They are also not explicitly required to provide detailed pecuniary disclosures if non-money factors are considered. If this bill passes, advisers would need written consent to consider non-money factors. They would then be required to disclose the expected and actual money impact over specific periods. Also, today, the SEC is not mandated to conduct studies on climate change disclosures in city bonds. Nor is it mandated to study the effectiveness of rules preventing 'pay-to-play' in city bond business. This bill would require the SEC to conduct both studies and report its findings and recommendations to Congress within one year.
HR 2358 · 119th Congress · March 26, 2025 · AI Summary by gemini-2.5-flash · 10/10
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3 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.